Small business needs federal Sandy cash now, Congress told

7:59 PM,
Dec. 13, 2012

Written by

Malia Rulon Herman
Washington Bureau

Small businesses need federal grant money, lower loan rates and extra time to file for assistance - and they need it now - to recover from Superstorm Sandy, officials from New Jersey and New York told congressional lawmakers today.

The 4 percent loans offered by the federal government are "challenging" in the current economic climate, Hoboken Mayor Dawn Zimmer told the Senate Small Business and Entrepreneurship Committee. She said lower rates and grants would be more helpful, and are needed immediately.